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High Tide Inc (TSXV:HITI), a pot-focused retailer, debuted on the New York-based Nasdaq Exchange on Wednesday, June 2. Currently, its stocks are trading on the Toronto Stock Exchange Venture (TSXV) in Canada, holding year-to-date (YTD) returns of 198 per cent.
The Alberta-based cannabis company’s shares will trade under the ticker ‘HITI’ on NASDAQ. Investors in the US might show a keen interest in this pot stock in the light of an expected nationwide legalization of recreational marijuana products.
A day before its listing, High Tide’s over-the-counter market shares (HITI:US, OTCQB:HITI) climbed more than seven per cent on Tuesday. This indicates that US-based investors may already be showing some interest in this pot stock, which could be an impetus for the upcoming IPO.
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On Monday, the company recorded organic growth with its retail stores located in Alberta. Now, the company has 87 retail outlets selling pot products and related accessories across the country. It expects to roll out more stores in Ontario region. In the same line, the company could expand its footprints across the US-based cannabis market.
Let us glance at this small-cap stock’s performance.
High Tide Inc (TSXV:HITI)
The company also offers cannabis products through its wholesale operations. Its current stock price is C$ 11.40 apiece. Its market cap is around C$ 506 million.
TSXV-listed HITI stock has soared over 347 per cent in one year, led by the green wave rally across Canada. The pot stock has recovered by 443 per cent from its one-year low of C$ 2.1 per share (July 31, 2020). However, it has plunged nearly 33 per cent from its one-year high of C$ 16.95 apiece (February 8, 2021).
Its previous day’s trading volume was 416,250 shares. compared to the 30-day average volume of 214,632 shares.
The pot stock was up 78.32 per cent from its 200-day simple moving average, which represents a long-term price rally.
Copyright ©Kalkine Media 2021
The pot distributor combined with marijuana supplier Meta Growth Corp to build one of the top pot supply chains of Canada.
Its operations are likely to get boosted across the growing cannabis marketplaces in Canada and the US, guided by the upcoming listing. Thus, the company could grow in line with its rivals Tilray (TSX:TLRY) and Canopy Growth (TSX:WEED).
The above constitutes a preliminary view and any interest in stocks should be evaluated further from investment point of view.
